Thank you for your response
Thank you for your response
Our representative will get in touch with you shortly.
An automated accounts receivable management tool can help save the business time and costs. Time can then be allotted to primary business operations and activities rather than running behind outstanding dues.
ClearOne, invoicing and payment collections app, has the latest technology to help you with easy accounts receivable management. You can record and settle multiple invoices. Send payment reminders to your customers and track receivables at either the invoice level or customer level. Mark receivables as paid instantly to help you stay on top of your business!
It is a tool created to manage the receivables owed to a business. It helps streamline the invoicing and the payments process of a particular business. These operations can run smoothly and efficiently with the automated software managing tasks such as tracking and filtering invoices, sending automated reminders regarding dues to the customer, generating reports of the total accounts receivables.
Scheduling the creation of invoices and billing clients regularly is one of the most important objectives of the tool. The billing and invoicing process must be seamless to receive money on time. Invoices should be error-free and convey to the client the amount to be paid, mode of payment and the due date to make the payment in simple yet clear language.
The accounts receivable management tool ensures that a record is maintained of the dues from each customer who is sold goods on credit. These balances have to be updated as and when a transaction occurs. This practice helps the business keep tabs on the rising account receivables.
The accounts receivable management tool helps track how long a particular invoice has remained unpaid. This method of identifying the period that a particular receivable has stood outstanding is called aging. The business may classify the debts into bad and doubtful debts through the aging process.
Keeping track of the dues received over time, and the mode of payment helps the business stay on top of things. The accounts receivable management tool also helps process these payments through third-party payment gateways.
Daily, weekly or monthly accounts receivables reports may be generated with the help of the accounts receivable management tool.
The accounts receivable management tool allows one to carry out various tasks such as view account information, attach and email invoices, generate documents and reports for collaboration, etc. This helps improve customer relationship management. Moreover, since all the information can be seamlessly shared with the customer, the speed and efficiency of communication are greatly enhanced.
The drawback of the manual billing system is that it is highly error-prone. Automation reduces this risk since the tool performs various complex mathematical functions with great accuracy and speed without compromising on quality.
Since the information on the accounts receivable management tool is displayed in a neat, systematic manner, one can generate and view the statement of cashflows and analyse the areas of improvement. Improving the accounts receivable position is vital to improving the business’s working capital.
Costs related to printing and stationery, salary to staff appointed to manage the accounts receivables can be eliminated through the use of an accounts receivable management tool. The tool carries out all the tasks digitised and performs the functions with speed and accuracy.
With the help of the tool and by keeping track of the aging of accounts receivables, proactive steps may be taken towards improving the accounts receivables turnover ratio. This enables the business to release cash from sales quickly and efficiently.
Since the management of accounts receivables is the main focus here, it automatically reduces the risk of bad or doubtful debts by ensuring that the sales are converted to cash as soon as possible.